[Rezin777]

Originally Posted by ghost_recon88

When getting literally-free money, why not cash out when it's a guaranteed thing. If I $1k worth, I would easily cash out. Keeping that much virtual currency seems to just be asking for trouble.

Some people aren't in it for how much fiat currency they can acquire, they are in it because they feel Bitcoin is a better alternative for the future.

[Rezin777]

Originally Posted by madhatter256

If he cashed that amount out, the market would plunge....

The largest exchange did 58k BTC volume in the last 24 hours and it was a very slow day.

A week ago there were multiple consecutive days with over 100k BTC exchanged.

[madhatter256]

Hedge funds are propping up against bit coin... the same kind that propped up when people betted against the sub-prime mortgage securities....

Heard it completely wrong....

Although I wouldn't be surprised if they actually were creating hedge funds against bitcoins success...

[ghost_recon88]

Market isn't looking too good today, only $11 per coin

[Tokae]

There some sort of a compromise earlier this weekend I believe..

https://support.mtgox.com/entries/20...count-rollback

looks like there will be some issues to work out for bitcoiners..

[Bobnova]

Yeah mtgox had two issues, one was they lost their database, another was something involving someone selling bitcoins that I'm not really clear on, and mtgox reversed everybodies transactions. Suddenly bitcoin looked rather less perfect.

[Janus67]

http://www.dailytech.com/article.aspx?newsid=21942

some more insight into the breach

[Angry]

Originally Posted by Janus67

http://www.dailytech.com/article.aspx?newsid=21942

some more insight into the breach

Kinda sucks....

I had planned on stuffing my MSI K9A2 with 5830s for a mining rig....

[MARCI]

MT gox had a breach.. the "rollback" only affects trades on that exchange..

the way MTGox worked was that you would transfer the coins from your wallet to an MTGOX account, essentially giving MTgox your coins.. mt gox would execute trades on their system, moving coins around internally, unless someone made a withdrawal (sending bitcoins to their wallet, or to another persons wallet).. any withdrawals are not subject to a rollback, since there's no way to get them back. It's unclear whether MTGox has A> Cash funds to reimburse customers for any losses, or B> bitcoin reserves to restore lost balances..

It's also unclear as to how the breach occured, MTGox has affirmed that their security wasn't breached, but instead indicates that the system of an auditor was breached, resulting in the loss of their entire database with username/email/and hashed password being compromised.

With MTGox being the largest of the exchanges, the huge drop in price on that market also affected traders on other markets as traders began to panic and sell.

It's clear that some safety triggers need to be set up on the exchanges, to prevent panic driven volatility.

MTgox has expressed an intention to reopen their market at 17.50, which was where the price was before the drop.

Tradehill currently is trading at 13.95. up from a 9.95 low.

If someone had been lucky/brave enough to buy when it was dropping like a rock (due to people trying to extract the compromised funds, and the panic ensuing) they could sell today (72 hours later) at almost at 50% roi.

It's unstable, volatile market, risky for speculation, and likely overvalued right now. it'd probably not be a terrible idea to run those 5830s, while the price is high, and sell all your proceeds. even leaving cash funds in the exchange, to buy coins when there's a price drop.

[Angry]

Originally Posted by MARCI

It's unstable, volatile market, risky for speculation, and likely overvalued right now. it'd probably not be a terrible idea to run those 5830s, while the price is high, and sell all your proceeds. even leaving cash funds in the exchange, to buy coins when there's a price drop.

Looks like newegg is out of stock...and Im not surprised after the research I did yesterday.

Also, those of you that are a still a bit lost on the whole bitcoin thing and how it works. This Security Now Podcast did a nice job of explaining it to me...

Security Now 287: BitCoin CryptoCurrency

[MARCI]

Aye angry, newegg and amazon are oos.. however, There's some nice cards in the classies here.. one person has a pair of 6870s for 300, which is a steal.

[madhatter256]

Good time to buy and get a quick return and then dump it for a tidy profit.

But why when you can now download the mtgox info now and take other people's stuff...

[MARCI]

madhatter, because mtgox is offline, and when it comes up will require new passwords, so the old password hashes will no long be correct.. also the cleartext password wasn't compromised, only the salted hash. They used individually salted hashes instead of a sitewide salt, which means that brute forcing is more difficult, because each individual password would require it's own rainbow table.

Plus, stealing is bad.

[ghost_recon88]

Got Ubuntu installed last night, cant figure out how to get my wireless driver so I'm missing out on a whole 24 hours of mining since I can't get back to it until I get home from work.

[madhatter256]

I was just being sarcastic :P

[Prime]

Weird, I tried to set this up today for the heck of it. I couldnt connect to the server. Im no good with this kind of stuff

[Angry]

Which OS is best for a mining rig? I have another copy of Win7 Home I could use, or would Linux be best?

[ghost_recon88]

Originally Posted by Angry

Which OS is best for a mining rig? I have another copy of Win7 Home I could use, or would Linux be best?

Linux. Spent 3 hours last night following this guide. Get to the end and it doesn't work, throws up some error By that point too tired and annoyed to debug it, once I get home I'll post up a screenshot.

[Tokae]

For me to set it up and mine solo it took about.. 30 minutes.. That included a crash course in what exactly I was doing and why lol..

Complete procedure for windows solo mining:


Download and install Bitcoin.exe

*EDIT*
locate bitcoin.conf file

-if it is not in the directory that it is supposed to be in, create it

add following lines:
rpcuser=<YOUR_CHOSEN_NAME>
rpcpassword=<YOUR_CHOSEN_PASSWORD>


Download guiminer.exe

Add a shortcut for Bitcoin.exe and add '-server' without quotes for its startup command

Fire up Bitcoin

Fire up guiminer, select Solo mining, enter the user and password you added to the pocblm file, select your card and mine..

It will take BitCoin a little bit of time to update its block info.. Once that is done guiminer will just start mining.

Solo mining is definitely getting to be not worth it in the end. Unless you have 15 or so 5970s lying around!

I was still asleep when I wrote this apparently sorry for the confusion.

[MARCI]

Originally Posted by Tokae

For me to set it up and mine solo it took about.. 30 minutes.. That included a crash course in what exactly I was doing and why lol..

Complete procedure for windows solo mining:


Download and install Bitcoin.exe

*EDIT*
locate bitcoin.conf file

-if it is not in the directory that it is supposed to be in, create it

add following lines:
rpcuser=<YOUR_CHOSEN_NAME>
rpcpassword=<YOUR_CHOSEN_PASSWORD>


Download guiminer.exe

Add a shortcut for Bitcoin.exe and add '-server' without quotes for its startup command

Fire up Bitcoin

Fire up guiminer, select Solo mining, enter the user and password you added to the pocblm file, select your card and mine..

It will take BitCoin a little bit of time to update its block info.. Once that is done guiminer will just start mining.

Solo mining is definitely getting to be not worth it in the end. Unless you have 15 or so 5970s lying around!

I was still asleep when I wrote this apparently sorry for the confusion.

With GUIMiner there's a simpler method for starting your bitcoin client in server mode.. After you've created your configuration for bitcoin.

You can use the GUIMiner fronted to launch bitcoin in the server configuration.. it still takes a while to get your blockchain data up to date..

you can skip that part if you intend to farm as part of a pool.